Business
2022 Interim Results
2022 Interim Results.
About this update from Pearson Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Interim results for the six months to 30th June 2022 (Unaudited)\n \n \n \n \n \n \n 1 August 2022\n \n \n Strong financial performance and continued momentum; Full year expectations reaffirmed\n \n \n \n \n \n \n \n Highlights\n \n \n ·\n \n Strong financial performance with underlying sales growth of 6% and adjusted operating profit up 22%. Full year expectations reaffirmed.\n \n \n \n ·\n \n Continued strategic and operational momentum across the business.\n \n \n \n ·\n \n Accelerating our digital journey with the development of Pearson's lifelong learning ecosystem.\n \n \n \n ·\n \n At least £100m of further efficiencies identified and to be delivered in 2023; accelerates our improved margin expectation to 2023 from 2025.\n \n \n \n ·\n \n We are launching a strategic review of our OPM business.\n \n \n \n \n \n \n \n Andy Bird, Pearson's Chief Executive, said:\n \n \n \n \"Pearson has delivered another encouraging financial performance in the first half of the year. We continue to make excellent strategic and operational progress, with momentum across the business. We are already seeing clear benefits from our increasingly diverse learning ecosystem, with Pearson serving more people across their lifelong learning journeys. Our digital strategy is progressing well; Pearson+ grew to 4.5m registered users, increasingly taking us direct to consumers.\n \n \n \n \n \n \"Our focus on delivery and execution remains and full year 2022 expectations are reaffirmed. In addition, the more integrated platform we are building across the company is creating efficiencies, underpinning our new guidance for accelerated margin improvement. We have a robust balance sheet which, together with our cash generation, will support continued investment in growth and create value for our shareholders.\" \n \n \n \n \n \n \n Underlying sales growth of 6% to £1,788m\n \n \n \n ·\n Assessment & Qualifications up 16% driven by US Student Assessment and UK & International Qualifications as exam timetables normalise after COVID-19 disruption. Clinical Assessment delivered better-than-expected performance supported by an ongoing focus on health and wellness as well as government funding.\n \n \n ·\n Virtual Learning up 3% with robust retention rates in Virtual Schools, offset by weaker than expected...